Facebook sells more
Web 2.0, Internet Marketing
05 December 2007
Social networking giant Facebook has sold a further share of its business, this time to a Hong Kong billionaire, it has been reported.
The company sold a stake of 0.4 per cent for £29 million, far smaller than the 1.6 per cent of the business sold to Microsoft earlier this year for £117 million.
Current speculation is that the decision to sell a further share was taken to help the company break into the Chinese advertising market.
A recent study by Nielsen claimed that the site's popularity has accounted for the three fastest growing online brands: RockYou!, Slide and… Facebook.
The study found "the ten fastest growing online brands contain three social networking tools, one social network and one professional network".
China recently began laying the 'Trans Pacific Express', a new fibre optic cable that will link the country with South Korea, Taiwan and the US.
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